Eric Dombach on business coaching strategies: The importance of finding your niche

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In one of his blogs, Eric Dombach encourages business coaches to consider finding their specialized market. For him, this is a great way to gain “higher hourly billable rates” and “more impact as a business coach.”

Eric gives five important reasons why coaches should consider “niching:”

1. “Improved response to your marketing.” For Eric, niching is important for coaches to be familiar with their chosen market segments. With the proper knowledge about a market’s language, coaches can accomplish more satisfying results.

2. “Increased credibility.” If coaches are able to show their clients that they are experts in certain fields, it would be easy for them to gain their clients’ trust, according to Eric Dombach.

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3. “Better access to databases.” With niching, coaches can obtain a clear, targeted list of prospects to which they will deliver their targeted messages, increasing responses in the long run.

4. “More visibility.” It is definitely much easier to gain visibility in a particular market than the general marketplace.

5. “Better opportunities.” Having a specialized market means more opportunities for speaking gigs and writing assignments for associations and newsletters.

In deciding which niche to pursue, Eric advises his clients to consider their business backgrounds. At their specializations, they are more likely to find success in their first round of clients. Nonetheless, he encourages coaches to continue looking for additional niches in the long run.

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Learn more about this topic by visiting Eric Dombach’s official website: mycoachescoach.com.

The Coaches’ Coach: Eric Dombach gives useful advice to struggling business coaches

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“Why am I struggling to build my business coaching practice?” most business coaches ask “The Coaches’ Coach” Eric Dombach. To answer this question, Eric recorded a video explaining four reasons why some business coaches fail in their chosen field.

According to Eric, there are basically four categories, based on what he has observed over the years:

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1. Not Enough Capital – Eric recommends first-timers to have at least 50,000 to 100,000 dollars on hand as working capital. This can get the business owner through the first 6 to 12 months before starting to earn cash. “The bottom line is that you got a lot to learn to become a professional business coach and you got to have enough working capital to sustain the learning,” Eric points out.

2. Not Enough Support – For Eric Dombach, building a successful coaching practice requires “adequate access to training materials,” “mentors,” “proven marketing materials,” and “a system to actually convert leads to sales.”

3. Not Having a Good System – Business coaches who don’t have a great proven system are “going to be in trouble,” says Eric. For them to be successful, Eric suggests having a system that’s been proven to work for hundreds of coaches for generating leads, converting them into paying coaching clients, and then having a curriculum to retain clients.

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4. Not Having the Correct Psychometric Profile – According to a study done in 2005 by a team of experts, which includes Eric, successful business coaches have common characteristics. It would be advantageous for aspiring business coaches to learn about these and determine whether or not they have the right psychometric profile to be successful in business coaching.

Visit Eric Dombach’s official company website at MyCoachesCoach.com for more.

Eric Dombach: Differentiating a business coach from a business consultant

Many consider business coaching as one of the most profitable careers to emerge in recent years. Successful business coaches like Eric Dombach enjoy the advantage of earning a decent income while working on flexible hours. Apart from this, many business coaches feel a sense of fulfillment when they get to help improve someone’s life.

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Since the business coaching industry continues to grow at a rapid pace, many people, especially those who are considering this kind of career, confuse this type of work with business consulting. For business coaches like Mr. Dombach, the two couldn’t be more different.

While business consultants work for business owners, business coaches are more like mentors to business owners. Business consultants use their hourly rates and deliverables as bases for their work, while business coaches focus more on the value and results. Furthermore, Eric Dombach adds that business coaches focus on bringing out the best in their clients by helping them discover the right solutions for their businesses.

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However, a significant difference between business coaches and consultants that Mr. Dombach emphasizes is the Effective Billable Rate (EBR). He explains that business coaches can have an EBR between $250 and $750 per hour, a rate that business consultants will most likely not receive no matter how long their years of experience are in the industry.

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Eric Dombach has been in the business coaching industry for more than a decade and is the founder and president of The Coaches’ Coach. To know more about the basics of business coaching, visit MyCoachesCoach.com.

Eric Dombach: The role of social media on the business coaching industry

Just like in any other business, business coaches rely heavily on marketing for them to be successful. According to renowned business coach Eric Dombach, a “solid social media presence” is important if a business coach wants to succeed in the industry. The emergence of social networking sites such as Facebook and Twitter has undoubtedly changed how individuals and companies advertise their products and services. Aside from being cost-efficient, marketing through social media is effective for business coaches because they get to interact with their clients both in a strictly professional manner and in a more casual way.

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Though there are millions of people and companies who make use of these social networking sites either for professional use, some are overwhelmed in navigating them and get confused by all the jargon (e.g., hashtags or tweets). To overcome this, Eric Dombach suggests that business coaches learn the general environment of each website. This is also important so that they can be aware on how to properly address their clients (or followers). For example, business coaches who use Facebook and Twitter can talk to their clients in a casual manner, while those who use LinkedIn must present themselves professionally.

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No matter what the website is, Eric Dombach recommends that business coaches tailor their approach to the “vibe” of the site they’re using. Also, it is important that business coaches talk less about themselves and more about how they can help their clients. Knowing these approaches is essential for business coaches to establish their credibility to prospective clients.

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More information on Eric Dombach and the marketing strategies for business coaches can be found at MyCoachesCoach.com.

Eric Dombach: Break the custom of micromanagement

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Many business owners and corporate heads employ micromanagement on their employees. Business coaches like Eric Dombach state however, that such a management pattern may not work efficiently for a company’s overall performance. The process is dubbed as a catalyst of poor work productivity as managers tend to hold back their employees from working instead of practicing effective management.

While giving general instructions on smaller tasks and allocating time to supervising larger concerns may yield some good results, micromanaging a business generally devalues every step of a business process and circumvents delegation of decisions. Micromanagers usually get irate when a subordinate colleague makes decisions without discussing these with them, even if the decisions are completely within the subordinate’s scope of authority.

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Repercussions

Business experts like Eric Dombach believe that micromanagement can be a major factor in generating employee disengagement, often to the point of promoting a dysfunctional and unfriendly work environment in which the managers are labeled “dictators.” Disengaged employees devote time, but not effort or creativity, in the job in which they are tasked to accomplish.

Stern forms of micromanagement can entirely abolish “trust,” throttle opportunities for learning and development of interpersonal skills, and even rouse anti-social conducts. The process can also have damaging effects that may extend beyond the corporate limits of a company, especially when the behavior becomes severe enough to encourage skilled employees to transfer to another company.

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Eric Dombach is an authority in effective business leadership. To learn more insights about effective business management, visit MyCoachesCoach.com.

Eric Dombach: The Coaches' Coach holds webinars with the industry’s most prolific thought leaders

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Eric Dombach’s mentorship firm, The Coaches’ Coach, has put together an Experts Interview Series—five fantastic webinars with some of the business coaching industry’s most prolific thought leaders—to yield productive discussions based on the theme “The Top Trends Facing the Business Coaching Industry in 2012...and What You Should Do About It.”


The series started on December 12 and ran through December 16, and featured 60-minute exclusive interviews of the following coaching experts:


Ben Croft

The President of the World Business & Executive Coach Summit and owner of the global business and executive coach marketing consultancy, Modern Methods Marketing, Croft is known for his cutting-edge marketing campaigns that have driven multiple millions of dollars in coaching sales. Eric Dombach is among the many people who commend Croft who, as early as his twenties, has already attained well beyond his years. Today, he is considered by many colleagues as an industry innovator and trend setter.

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Spike Humer

As an author, speaker, entrepreneur, and thought-leading performance expert, Spike has razor sharp ability to make quick, inexpensive marketing techniques produce highly profitable results. His “10 Day Turnaround Technologies” have aided companies and individuals worldwide in making monumental leaps in their business, financial, and personal pursuits.


Darren Shirlaw

Darren is the founder of Shirlaws, one of the world’s fastest-growing international business coaching organizations, with more than 100 coaches in the U.K., U.S., and New Zealand. Darren mainly concentrates on helping mid-tier companies increase profitability while managing growth. His top-of-the-line intellectual property and systems make him one of the most significant business coaching thought leaders in the world.

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For more information about Eric Dombach, visit MyCoachesCoach.com.

Eric Dombach discusses the downside of purchasing business coaching franchises

During the dawn of the business coaching industry, many franchises sprang up. These, according to business coaching expert Eric Dombach, provided a lot of support for the budding business coach in terms of systems, mentoring, and community. However, they have their drawbacks and at present may no longer be as profitable as they once were.

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During the latter half of the 2000s, the economic downturn forced many of the franchises to fall. While up until then business coaching franchises were the only means for coaches to get off the ground, many of those that sprang up lacked sufficient know-how. Although quite a few were outstanding systems, some were lackluster with executives who themselves had no idea where they were going.


Eric Dombach adds that with the advent of the Internet and social media, the value of the business coaching franchise has plummeted, given that its benefits can no longer justify its overall cost which can be quite high. The system has been considered a dinosaur among the business coaching community and has decreased in popularity in recent years.

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Moreover, alternatives such as business coaching membership systems exist, offering the same benefits as the old business coaching franchises, but without the commitments and exuberant costs of the latter. Therefore, Mr. Dombach believes that these old coaching systems are obsolete and no longer relevant in the business.

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More information is available on Eric Dombach’s official website.